Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1887-03-24
Total.
.................$ol,S26 .9S

Tho above AetlOn WIS taKeL III Oruer 10
protect these creditors who had relied
upon the name of Lord & Polk Co ahead
Of the creditors through Lawton who had
relied upon his name. The amount OF
liabilities outside of the preferred claims
could moi be learned this morning, but it
ia stated to bs large. The company's
assets are estimated anywhere from
$4,000 to $12C 900. The company
claims to have assets reaching about
1870, 900 in it's plant, consisting of real
estate, stock in trade and merchandise on
hand. It thinks this will more than pay
its pref rred creditors, at least
The business was begun eight years ago
by Victor Lord, now the senior member
of the company, on q very small scale. He
afterwards took into partnership George
W. Polk, and thus the firm of Lord Il
Polk was formed, which prosecuted
rapidly increasing business In addition
to the manufacture Of phosphates, the
firm also conducted coal yard at
Odessa The business increasing,
it was found desirable to secure greater
capital, and in order 10 do this stock
company was organized and named the
Lord Il Polk Company. An immense new
factory was erected during last fall and
winter for the manufacture of acid. 1t was
to be put in operation for the coming sea-
son. The company last year sold over 10, 900
tons of fertilizers, principally of their
own make, ard they expected to largely
increase that amount this year. The
establishment is said to be the largest
business concern in the State outside OF
Wilmington. Its trade extended through
out the Peninsula, into southern Penn
sylyania, western Maryland, and the
Shenandoah Valley of Virginia and it's
field was constantly widening, its pro-
ducts standing high in the market. II
was shipping from $4,000 to $4,000
worth Of goods per day at the time of
the Lawton crash, the company made
every endeavor to discover the financial
| condition of Lawton before it entered
| into business relations with him, and
upon investigation it learned that he was
| rated in the leading commercial papers at
| 81, 000, 900 individually, and that the
| firm with which he was connected was
rated at $780, 600.
When the Lord d Polk company wal
formed, a division of property tool
place by which the corporation assumed
control of the phosphate and fertilizer
business, while the coal bushes
remained IN the hands Of the firm O
Lord & Polk. It is stated that this lattel
property is not liable for the debts Of tn,
corporation. II is denied that MesMs
Lord and Polk were individual endorser
for the company, and that their indi
vidual property is liable for the com
pany's debts.
Messrs. Lord and Polk are both younI
men. The former is about SO and tn
latter 30. Mr.. Polk is u son of Charlie
I. Polk, and cousin to ex-Leyy Cour
Commissioner William Polk. The compan.
employed about so h nds, and its ship
ments were generally made by boat dow
the ArpeSrinimint creek 70 the bay
Much sympathy is expressed for the con
Germ in Its difficulties, and hope is enter
tanned that some arrangement may b
arrived at by which il can continue busi
ness. There is no business house in tn
State, and particularly young establish
ment, that had 80 bright prospect a
this company had before this blow came
The preferred creditors have manifesto
! disposition to be lenient with the cor
, oern. II remains to be seen what th
J outside creditors will do.
Several writs were issued last week b
! the parliamentary at the suit OF creditor
of Lawton in the hope of attaching none
3 | in the hands of persons in this count
I from whom money was due him. It
0 not thought anything has been realize
on these writs, as Lawton's strong TO
Y seems to be that of debtor, not credito